Practical Strategies and Tools for ‘MSMEs’ Growth and Innovations with Reference to Globalization of Business

Unleashing the Potential: Strategies for Sustainable Growth of MSMEs

Abstract

MSMEs provides wider eco-system of small, micro medium firms. Newly registered firms under this category are the primarily source of net job creation in any nation and are the driving force of innovation sustainability in the private sector. A secondary investigating study on MSMEs was done by accumulating facts by various newspapers, magazines, journals, reports, etc to see the impact of development and seriousness in the current situation. The study is subjective in nature and uncovers that presentation of MSMEs is incredibly impacted by embracing innovation as a significant tool in further developing execution by expanding the degree of yield, better nature of items and investigating new business sectors. Authors found that the main issues on the path of developing MSMEs sector are large scale industries global businesses, absence of basic and fundamental facilities to grow a industry under MSMEs. Moreover, such businesses generally face less availability of skilled personnel, less access to technology due to much time taken in the loan facilities to the entrepreneurs. A highly scalable and refined practical strategies are needed to think in an out-of-the-box manner and incorporate the vision in the performance, growth, development of MSMEs and industries under it.